Barely one month has passed since President Trump blindsided global investors with his aggressive tariff plans. Yet U.S. stocks have already staged a remarkable recovery.

Japanese Finance Minister Katsunobu Kato drew attention by mentioning that the country’s more than $1.1 trillion in U.S. Treasury bonds could potentially be a “card on the table” in negotiations with Washington over Trump’s steep tariffs on autos and other imports.

Palantir has maintained its momentum in 2025. Its year-to-date return of 57% means it is once again the best performer in the S&P 500, partly because investors have shown a clear preference for software and services companies that may escape tariffs unscathed.